Structured Products

Structured Products

The Role of Currency in Institutional Portfolios

The Role of Currency in Institutional Portfolios

Derivatives Markets


The financial crisis in 2008 that plunged the world into recession led to the announcement of a coordinated global wave of regulation that would fundamentally change derivative markets. After years of development and negotiations, as the rules finally take shape, and market players start responding to them, derivative practitioners need a guiding light to help them in the strategic rethink necessary to navigate the new landscape and understand the fundamental revamp that has left many existing principles and assumptions irrelevant. Derivatives Markets: The New Regulatory Paradigm aims to do exactly that.

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An excellently-timed reference on the post-crisis derivative markets, this book, featuring contributions from the world's leading derivatives experts, provides readers with a wide-ranging perspective of the financial landscape under the new regulatory paradigm. By means of a multi-faceted treatment across industries, geographies and themes, it provides both technical and commercial viewpoints. Its unique approach of combining 'micro' end-user perspectives with a 'macro' view of key systemic impacts will provide readers invaluable insights into the trends, developments, opportunities and risks of the new derivatives world.

Derivatives Markets: The New Regulatory Paradigm covers the various aspects of regulation such as EMIR and Solvency II and the effects they will have on market structure, trends, growth, pricing and operations. It addresses both the technical and commercial considerations, and provides market participants with a detailed framework to help formulate their derivatives strategy.

Chapters cover:

  • New regulatory frameworks for derivatives: From EMIR and Dodd-Frank to Basel III and Solvency II
  • Impact on market participants: CCPs, Banks, Asset Managers et al
  • Key Impact: Counterparty, Liquidity, Collateral and Pricing
  • What does the future hold?
More Information
ISBN 9781782722205
Navision code MDMA
Publication date 30 Jun 2016
Size 155mm x 235mm
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Sumit Mehta and Simon Wilkinson

Sumit Mehta is an Investments Manager at Legal and General Retirement (LGR), a team responsible for managing ~£50bn of annuities on Legal & General Group’s balance sheet. Sumit helps oversee all aspects of derivatives strategy, ranging from hedging programmes to investment opportunities arising from bank deleveraging. Further, his role involves looking at liquidity and collateral issues, considerations around clean and dirty CSAs, impact of EMIR and central clearing on the balance sheet, and quantifying, managing and efficiently hedging liquidity risks in times of market stress. 

Prior to his current role, Sumit spent 8 years at RBS within its Fixed Income division, primarily working with European institutional clients on rates and credit derivative solutions and also running its award-winning Inflation Structuring desk.

Sumit holds an MBA from the Indian Institute of Management, Bangalore.

Simon Wilkinson is Global Head of Liability-driven Investments (LDI) at Legal & General Investment Management. Simon has two decades of experience across the sell-side and buy-side derivatives and fixed income markets.  In his early career Simon was involved in the proprietary trading and market making of interest rate derivatives at several investment banks.  During his career at Legal & General Investment Management Simon has seen the Liability Driven Investment business which he heads grow to be the UK’s largest.  Simon now oversees the management of c.£90bn of fixed income assets and c.£200bn of derivatives.  The heavy reliance of the LDI business on derivatives has led Simon to drive the firm’s response to derivatives market regulation.

1. Introduction - Sumit Mehta and Simon Wilkinson          

    SECTION 1: The New Paradigm

    2. The New Regulatory Framework for Derivatives: EMIR - Craig Bisson         

    3. The New Regulatory Framework for Derivatives: Dodd-Frank - Azam Aziz, Geoffrey Goldman and Donna Parisi          

    4. The New Regulatory Framework for Derivatives: Basel III - Walter Vecchiato     

    5. The New Regulatory Framework for Derivatives: Solvency II - Paul Fulcher and Hans Christof Gasser           

    SECTION 2: Industry Focus

    6. Central Clearing of OTC Derivatives - Richard Walker          

    7. The Impact of New Regulation on Banks - Peter Nowell         

    8. Industry Focus: Asset Managers - Sam Priyadarshi     

    9. Risk Management in an Illiquid World - Nancy Davis      

    10.Liability Driven Investing for Insurers - Erik Vynckier        

    11.Industry Focus: Corporate Treasuries - Tom Deas, Jeffrey L. Steiner and Luke Zubrod       

    12. Key Impact: Sovereigns - Hans Blommestein        

    13. Industry Focus: Other Sectors - Jaki Walsh

    SECTION 3: Key Impacts

    14. Counterparty Risk - Adam Baker and Dominic Smallwood    

    15. Post Crisis Collateral Markets: Transformation and Optimisation - Phil McCabe      

    16. Regulatory Objectives of Liquidity Management - Simon Freedman, Bob Tom and Robin Thompson       

    17. Key Impact: Pricing - Chris Kenyon